BioChemics, Inc. Announces Collaboration Agreement with Pacific Pharmaceutical Co., Ltd.
DANVERS, MA – August 5, 2009 -- BioChemics, Inc. (BCI), a company “enhancing drug delivery through biophysical modulation,” is pleased to announce the signing of a research collaboration agreement with Pacific Pharmaceutical Co., Ltd, a publicly held Company in South Korea to evaluate the use of BCI's VALE® based compositions in cosmetic applications. Pacific Pharma is a fully integrated company with R&D, manufacturing, marketing and sales capabilities. BioChemics is a specialty pharmaceutical company that has developed a novel, transdermal drug delivery system called VALE® (Vaso-active Lipid Encapsulated), that allows a wide variety of actives to be delivered into the skin.
"BCI is extremely excited about this collaboration with Pacific Pharma because we see the broader applications of our VALE® based technology for cosmetic procedures" said John J. Masiz, Esq., President & CEO of BioChemics. "Amore Pacific, the parent company to Pacific Pharma is one of the leading companies in cosmetics and healthcare industry in South Korea and we are delighted to be working with the Pacific Pharma team on this program.”
Aesthetic Market Opportunity
Medical Insight, Inc., an independent aesthetic treatment market research
firm, has estimated the number of procedures for all aesthetic treatments
worldwide to increase by 5.6% per year from 81 million in 2008 to 101
million in 2012. The global aesthetic market was worth approximately
$5 billion in 2008 and is expected to increase by 11.7% per year to
$8.2 billion in 2012. In neighboring China, the sales from cosmetic
laser procedures have increased by 25% per year.
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About BioChemics, Inc.
BioChemics is a pharmaceutical company that has developed a novel, transdermal
drug delivery system for the first time that may allow almost any drug
to be efficiently delivered through the skin. The transdermal technology,
called VALE® (Vaso-active Lipid Encapsulated), may allow a substantial
portion of the pharmacopeia to be re-engineered, turning oral drugs into
transdermals that are safer (no gastro-intestinal problems), cheaper
and potentially faster acting (applied directly to the treated area)
than oral equivalents. The company's focus is on multi-billion dollar
market opportunities currently underserved by existing therapies. The
company's two lead clinical products focus on treating diabetic peripheral
neuropathy and osteoarthritis. Founded in 1989, the Company is headquartered
in Danvers, Massachusetts. Additional information is available at http://www.biochemics.com.
About Pacific Pharmaceutical, Co., Ltd.
Pacific Pharma Corporation (Pacific Pharma) is a publicly held, fully
integrated company in Korea with R&D,
manufacturing, marketing and sales capabilities. Pacific Pharma is focusing
on key therapeutic categories including: gastrointestinal, muscoskeletal,
cardiovascular and dermatological diseases and disorders. Pacific Pharma
is a subsidiary of Amore Pacific, one of the leading companies in cosmetics
and health care in Korea. Founded in 1983, the Company is headquartered
in Seoul, South Korea. Additional information is available at http://www.pacificpharm.co.kr
VALE® is a registered trademark of BioChemics, Inc.
Contact:
BioChemics, Inc.
John J. Masiz, Esq.
President & CEO
978.750.0090
jmasiz@biochemics.com